The Vancouver Island Real Estate Board (VIREB) put together a buyer profile. Check out what the buyer demographics, North of Victoria, are for 2015.
Data and infographic provided by VIREB provides us with a snapshot of what the buyer demographics looked like in 2015.
If you would like more information from our local experts please call (250) 751-1223 to speak to one of our knowledgable REALTORS®.
The tale of the tape in the Real Estate Market is that prices climb and inventory shrinks in Nanaimo and area. To put things into perspective, here is a month over month comparison for May.
May 2016 vs. May 2015 Change
- Units Listed:
- May 201 = 245
- May 2016 = 275 a 12% increase
- Units Sold:
- May 2015 = 150
- May 2016 = 210 a 40% increase
- Avg Sell Price:
- May 2015 = $399k
- May 2016 = $451k a 13% increase
- Active Listings:
- May 2015 = 463
- May 2016 = 310 a -33% decrease
Inventory Shrinks in Nanaimo
Although more homes were listed, the active inventory has dropped substantially. Prices are still going up, but certainly not like we’ve seen in the likes of Victoria or Vancouver. Nanaimo continues to be a desirable community, offering excellent services and facilities, and is a great place to live, work and play. All this for a fraction of the cost of other West Coast cities.
Cameron Muir, BCREA Chief Economist, states that retail sales growth in the double digits reflects high levels of consumer confidence, which is spilling over into real estate. Tourism on Vancouver Island also posted a huge spike recently, which aids local economic conditions. However, although housing demand is extraordinarily high, its foundation is solidly based on a healthy GDP and rising population growth.
Please contact one of our REALTORS® whether you’re Buying or Selling, to have the RIGHT strategy not just to get your home sold for the most amount of money, but to be sure you can find your perfect new home in an ultra-competitive market.
For the full local Real Estate Market Update from VIREB click here.
Typically, for the month of August we see a slow down in the real estate market. After all this is a time many home buyers and sellers choose to spend with family and take vacations. Turns out this year was slightly different, August of 2015 was busy right to the end with solid home sales in Nanaimo. This explains the slowdown appearing in September. Saying that it slowed down is relative though, as a solid real estate market in Nanaimo continues.
VIREB’s active spring and summer housing market cooled down slightly in July but the market is still significantly stronger than it was one year ago however.
“We haven’t slowed down at all this summer, which is unusual. Normally, July and August are quieter due to consumers’ holiday plans.”
The British Columbia Real Estate Association (BCREA) reports sales that are recorded by the Multiple Listing Service® (MLS®). Their findings for BC home sales were that there was a total of 11,294 residential unit sales in June, that’s an increase of 25.6% from the previous June. That includes $7.1 billion in total sales volume – a 42.6% increase from the previous year and $631,962 average residential sales price – a 13.5% increase from the previous year.
“BC home sales posted the second strongest June on record. A growing provincial economy and record low borrowing rates continue to push demand higher …” – Brendon Ogmundson.